New York, USA, June 09, 2021 (GLOBE NEWSWIRE) -- A latest report on the global solid state transformer market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $1,246.4 million and rise with a remarkable CAGR of 26.0% from 2020 to 2027. The report offers an all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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COVID-19 Impact on the Market Growth:
The rise of the COVID-19 pandemic in 2020 made an adverse impact on the growth of the market. During the pandemic, the government bodies of several regions have executed strict lockdown for preventing the spread of the virus. This has led to unavailability of raw materials used in the manufacturing of electrical equipment during the lockdown period. In addition, the transport of end products and equipment has been severely affected owing to the restrictions on import-export trade during lockdown. All these factors are obstructing the market growth in the pandemic period.
Factors Impacting the Market Growth:
A considerable surge in the integration of solid state transformers in the electricity distribution and transmission systems for effective optimization of power systems is boosting the growth of the global solid state transformer market. In addition, the growing adoption of electric vehicles by consumers and rising favorable initiatives by government to support the electric vehicle production are anticipated to unlock profitable opportunities for the market growth during the forecast period. However, high capital investments needed for the manufacturing of solid state transformers is expected to hinder the market growth.
The report segments the global solid state transformer market into product, application, and region.
Power Solid State Sub-Segment to Dominate the Market Growth
Among the product segment, the power solid state sub-segment is expected to observe significant growth during the forecast period. The growth of this sub-segment is mainly because of the growing use of power solid state transformers in various transformer applications including voltage regulation, voltage transformation, distribution system monitoring, and other applications.
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Alternative Power Generation Sub-Segment to Witness Speedy Growth
Among the application segment, the alternative power generation sub-segment is expected to hold a leading market share by rising with 25.7% CAGR during the forecast period. The growth of this sub-segment is mainly because of the increasing usage of SST systems in alternative power generation applications for avoiding air pollution owing to the harmful emissions.
North America Region to Lead the Market
The report analyzes the global solid state transformer market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is expected to grow rapidly and garner $284.7 million during the estimated period. The growth of this region market is mainly due to the speedy development in the generation of renewable energy and increasing investments in the advancement of power distribution systems.
Major Players in the Market:
The report lists some of the leading players functioning in the global solid state transformer industry including -
- MASCHINENFABRIK REINHAUSEN GMBH
- Siemens
- GRIDBRIDGE
- ABB
- Mitsubishi Electric Corporation
- Schneider Electric
- General Electric
- Varentec, Inc.
- Eaton
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in March 2021, Hitachi ABB Power Grids, a technology company, partnered with research institute, the Nanyang Technological University, Singapore (NTU Singapore) for a government-led smart grid development project. The aim of this partnership is to boost developments in Solid State Transformer (SST) technology.
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